Iceland: Report on Observance of Standards and Codes (ROSC)

September 3, 2014

Preview Citation

Format: Chicago

Iceland: Report on Observance of Standards and Codes (ROSC), (USA: International Monetary Fund, 2014) accessed September 20, 2024

Summary

This Report on Observance of Standards and Codes on Iceland summarizes the findings and recommendations of the assessment. This assessment of the current state of the implementation of the Basel Core Principles for Effective Banking Supervision in Iceland has been completed as a stand-alone Report on the Observance of Standards and Codes undertaken by the IMF during March of 2014 at the request of the Icelandic authorities. It is advised to ensure planned legislative amendments clarify the roles regarding banking supervision of liquidity risk, including corrective action. Ensure planned legislative amendments clarify Financial Supervisory Authority in Iceland (FME) actions in the enforcement of buffers. It is also recommended to amend processes, systems and practices in order to use the full definition of qualified holder, beyond the mere quantitative thresholds. The assessment also recommends developing rules and guidelines for banks on the benchmarks, standards, and procedures that the FME will follow in determining the adequacy of bank’s risk management and governance systems.

Subject: Bank risk management, Bank supervision, Banking, Basel Core Principles, Commercial banks, Financial institutions, Financial regulation and supervision, Legal support in revenue administration, Revenue administration

Keywords: Bank risk management, Bank supervision, Banking sector, Basel Core Principles, Business plans, Commercial banks, Corporate governance, CR, Financial system, FME authority, FME decision making process, FME focus, FME methodology, FME monitor, FME onsite work, FME supervision, Global, Interest rate, ISCR, Legal support in revenue administration, Reform program

Publication Details

Pages:

35
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/257
Stock No:

1ISLEA2014002
ISBN:

9781498380560
ISSN:

1934-7685

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